SEPA for Credit Transfers, including Payroll files goes live on 1st February 2014. The individual banks will commence to accept SEPA files between now and February 2014.
What is SEPA?
SEPA (Single Euro Payments Area) is an initiative to effectively remove the borders of banking within the 27 EU member states and EFTA. Once fully implemented SEPA will make cross border bank transfers across the Euro zone simple and effortless so that in effect the Euro zone becomes one banking zone. Once fully implemented you will need to use IBAN (International Bank Account Number) and SWIFT-BIC code (Bank Identifier Code) for all transfers both domestic and cross border; chances are you are already familiar with these!
How will this help you?
If you are transferring funds from your own domestic bank to that of another Euro member state then this transfer will be as easy, cost effective and efficient as a current domestic bank transfer.
How can this help you as a Thesaurus customer?
If you are paying employees by credit transfer using the Bank transfer file within Thesaurus Payroll Manager you will be able to offer employees the option of having their net wages transferred to their bank account within another Euro member state.
If you are a business owner purchasing supplies and/or services from both domestic and cross border Euro member states then you will be able to consolidate the payment process to all suppliers using one Bank transfer file from Solutions Plus. (The option to create a supplier bank transfer file with Solutions Plus to pay domestic suppliers is available from 2013).
When will this facility be available?
As of December 2012 we are still waiting on file formats, implementation dates and directives from the national banks in order to proceed. The background file structures of our software have been expanded to accommodate the BIC and IBAN fields.
Once Irish banks fully implement the new SEPA bank transfer file option for customers, then Thesaurus products will be upgraded immediately to offer you the full functionality and convenience of SEPA banking.